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Texas Insurance Code - INS § 861.258. Real Property

Current as of January 01, 2024 | Updated by FindLaw Staff

(a) A general casualty company is subject to Section 862.002 and may not purchase, hold, or convey real property except as authorized by that section.

(b) A general casualty company shall sell real property acquired in compliance with Subsection (a) not later than the 10th anniversary of the date the real property was acquired.

(c) A general casualty company may retain real property after the date specified by Subsection (b) if the commissioner issues a certificate stating:

(1) that sale of the real property in compliance with Subsection (b) would cause the company to incur a material loss; and

(2) a later date by which the real property must be sold.

(d) Subsection (b) does not apply to:

(1) real property occupied by buildings used in whole or in part by a general casualty company in the transaction of business;

(2) an interest in minerals or royalty reserved on the sale of real property acquired under Sections 862.002(c)(1)-(3); and

(3) investment real property acquired under Section 424.064.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 861.258. Real Property - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-861-258/

Read this complete Texas Insurance Code - INS § 861.258. Real Property on Westlaw

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